Bitcoin Price Prediction: BTC/USD Turning Bearish Below $46,500

Bitcoin Price Prediction – September 8

The Bitcoin price extends the bearish movement to the areas marginally below $45,000 after numerous trials to sustain gains above $47,000.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $51,500, $53,500, $55,500

Support Levels: $40,000, $38,000, $36,000

BTCUSD – Daily Chart

BTC/USD falls toward $44,000 once today as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $47,381 following a significant breakout in the last few days. Therefore, the bearish control is seen across the market with other major digital assets posting similar losses as they trade below the 9-day and 21-day moving averages.

Bitcoin Price Prediction: Bitcoin (BTC) Could Add More Pains

The Bitcoin price is hovering at $46,063 with an intraday loss of 1.77%. The prevailing trend is bearish with expanding volatility and the first digital asset is likely to consolidate in a bearish flag pattern. Meanwhile, a breakdown below the lower boundary of the channel is supposed to continue in the direction of the previous trend. In this case, BTC/USD is expected to drop and stay below to hit the critical support levels at $40,000, $38,000, and $36,000.

However, should Bitcoin price returns above the moving averages; the price could rise to $50,000 vital resistance. A further bullish drive could push the price to $51,500, $53,500, and $55,500 resistance levels. The technical indicator Relative Strength Index (14) is revealing a continuous bearish, which shows that the market may remain at the downside.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

At the opening of the market today, the Bitcoin price faces up to touch the resistance level of $47,381 but begins to drop, bringing its price to trade around $46,134. Meanwhile, should the price continue to drop further and move below the lower boundary of the channel, it could reach the support level at $44,000 and below.

BTCUSD – 4 Hour Chart

Moreover, if the bulls push the coin above the 9-day and 21-day moving averages, the Bitcoin price could revisit the resistance level of $48,500 and above. Presently, the market may begin to move sideways or experience more downtrends as the Relative Strength Index (14) indicator moves below 35-level.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

75% of retail investor accounts lose money when trading CFDs with this provider

Read more:

Subscribe To The Latest Crypto News

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

World Wide Crypto will use the information you provide on this form to be in touch with you and to provide updates and marketing.